Business Venture Competition: 'Right mix' credited for success

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By PAULA OLIVER

John Allen has $60,000 in his pocket, an internet travel booking system up his sleeve, and a broad smile on his face.

But far from being staggered by his team's success, the joint winner of the Great New Zealand Business Venture competition insists he already knows how the money will be spent.

"We are going to hire people, and travel to see others and sell our product," he said. "This is all just fantastic timing, and it's so exciting for all of us."

Known as Bookrite, Mr Allen's team of four entrepreneurs have created a real-time internet travel booking software product, designed for use by small or large tourism operators to arrange bookings from their websites.

Rather than relying on the phone or e-mail for bookings, hoteliers or bike tour operators can install a "book me" button that shows availability and gives people the option to book straight away. Immediate payment is also an option.

Bookrite's completed business plan beat more than 1450 other entries in the privately backed competition, which began seven months ago seeking innovative ideas and offering cash for the best of them.

But while many of the entries were very much in their formative stages, Bookrite's had been quietly evolving in the travel industry for more than three years.

Already sold to Tourism Victoria, after it made a worldwide search for an internet booking system, Bookrite is about to secure significant venture capital that should see it aggressively hitting the global travel industry.

Having the right mix of people and making the most of the mentors offered by the competition's organisers were crucial to the group's success, Mr Allen said.

Bookrite is made up of travel industry guru Jeremy Palmer, software architect Brett Penlington, and organisational development head Mark Feenstra. Mr Allen's background includes time as an investment bank strategy consultant.

"Having the right mix of people probably gave us an advantage, and if I was to tell a lone inventor how to get going, I would say make sure you think hard about who you need around you," Mr Allen said. "The competition has done a lot more than just give us cash - it's changed our plan quite significantly and made it far more robust and sharp."

Spending time with a financial markets expert as a mentor gave the team valuable advice that they would not otherwise have had access to, Mr Allen said.

"These people are usually so hard to get hold of, but they gave their time and made such a difference to all the teams," he said. "It's really important that for the future of the country some kind of network of mentors is set up."

Mr Allen said Bookrite's main competition comes from a Californian software company. But Bookrite's advantage came from Mr Palmer's being part of the travel industry.

"We've got inquiries from all around the world, and we've just got our first cheque from Tourism Victoria, so we are pretty excited."

Also taking home $60,000 and sharing the top prize of the competition - co-sponsored by the Herald - were the team known as Mole Snap, who designed a melanoma detection device that can be quickly used by general practitioners. The team considered its product to be at such a commercially sensitive stage that they would not be interviewed.